Crypto:
29856
Bitcoin:
$67.680
% 2.66
BTC Dominance:
%52.9
% 0.21
Market Cap:
$2.53 T
% 1.90
Fear & Greed:
76 / 100
Bitcoin:
$ 67.680
BTC Dominance:
% 52.9
Market Cap:
$2.53 T

The FED Interest Rate Decision Has Been Announced!

The FED Interest Rate Decision Has Been Announced!

The FED Interest Rate Decision Has Been Announced! The highly anticipated critical FED meeting regarding the crypto sector and economic circles has resulted in the announcement of the interest rate decision. Here are the details!

The eyes and ears of the global economic circles and investors in the crypto markets were on the FED members convening today. The institution announced the interest rate decision following the meeting.

The FED kept the interest rates unchanged. This marks the second time during the 15-month interest rate increase period that the interest rates have remained steady. Bitcoin, on the other hand, continued its sideways movement.

In its statement regarding the decision, the FED stated, “Recent indicators show that the economy is growing steadily. Job growth has slowed somewhat in recent months, but inflation remains above the desired level.”

“The U.S. banking system is strong and resilient. Tighter credit conditions for individuals and businesses can affect economic activity, employment, and inflation, but the extent of their impact is uncertain. The Committee closely monitors inflation-related risks,” the statement added.

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“We are fully focused on our goals of price stability and full employment. We transitioned from a very tight monetary policy from the last year to this year. In the upcoming period, we will carefully assess and, if necessary, continue the tight policy,” the statement continued.

“Our tightening of employment conditions continues despite some loosening. Our policy to reduce inflation to 2% remains in effect, a goal we have had for a long time. We are aware of the adverse effects of inflation on people,” it added.

“The Committee’s goal is to achieve full employment in the long term and bring inflation to approximately 2%.”

Following the Fed’s interest rate decision, the markets indicate a 70% probability of interest rates remaining unchanged at the November 1, 2023, interest meeting.

After Powell’s speech, the price of Bitcoin is trading around $26,900.

Inflation forecasts by FED officials for the years:

  • End of 2023: 3.3%
  • End of 2024: 2.5%
  • End of 2025: 2.2%

Highlights from Fed Chairman Powell’s Speech:

  • “We are ready to increase interest rates further when appropriate.”
  • “We may consider another increase in interest rates until we achieve the correct monetary policy.”
  • “We are aware of the challenges posed by inflation.”
  • “Our current policy stance is restrictive.”
  • “We aim to bring inflation to 2% over time with sufficiently restrictive and tightening policies.”
  • “We are ready to increase interest rates if deemed necessary.”
  • “The decision to keep interest rates unchanged does not mean we have reached the desired policy stance.”
  • “A majority of policymakers believe another interest rate hike might be more appropriate.”
  • “We need convincing data to reach the end of interest rate hikes.”
  • “We are very close to reaching our desired target.”
  • “The worst thing we can do is to fail to restore price stability.”
  • “The growth has been stronger than expected.”
  • “We expect a decline in consumer spending.”
  • “If the economy is stronger than expected, the Fed must do more.”
  • “We are monitoring short-term movements in energy prices.”

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